Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
There are advisors in cities around you but I needed services of one who can guide me irrespective of location. Catherine Morrison Evans comes highly recommended especially in times like this. I am hedging and haven't lost much to the recession. I found her in 2020 when the market was at an all time low. Look her up and thank me later.
I was literally searching for down payment assistance programs on my computer when I got the notification just now this video was posted. Incredible coincidence.
That’s great that you don’t have to pay it back. You receive 2% or 3.5% of your purchase price In assistance is definitely great. And you only have to meet one requirement to qualify.
You can use this on up to a 2-unit property as long as you make it your primary residence! So if you wanted to buy a duplex and plan on living in one unit, that works!
I have a question: is it possible for a person to get a federal first time home buyer down payment grant; and also get a state/County first time home buyer grant? Are there any rules preventing this?
That is correct. Since this down payment assistance is used with an FHA loan, PMI would be on for the life of the loan until you refinance into something else.
@@ranchgirl00 not advice. But I was told by a mortgage specialist that buying land is treated as an investment so things like first time home buying grants don't qualify.
Hi Nicole. Your info is really good! I would like to buy multi family property. What options do you know of? I don’t have a great income but I have great credit.
I talked to a lender today that specializes in fha and renovation loans and they do not allow combining with the empower down payment assistance program. How do I find a lender who will do this? My internet search hasn't yielded any leads.
Hi Nicole- you are a great resource and know your stuff. Im a MLO in Massachusetts- just getting back into the industry again soon. Do you offer affiliates in other states when questions or help come up from those states? You said you can contact some of your mortgage consultants in the video. I would like to be one of your mortgage affiliates in Massachusetts if at all possible. We can talk offline if at all possible. Thank u and i hope to hear from you. Jerry
A typical refinance can be costly, but with this program, you are eligible for a streamline refinance which is different. With the streamline refinance, there are less documents involved, no appraisal and it’s much cheaper!
Most lenders are waiving the fees for the refinance due to the high interest. Just got an offer accepted today and when rates drop (whenever that is) they will waive all fees.
Do you offer assistance for those that want to purchase but don’t know where they are and would like to know where and how to begin the construction process on land to have a ranch on ?
Talk to lenders around your area. Have a list of questions and interview all of them to see what you can get pre-approved for. I’m in Lansing Michigan and doing this right now! Wishing the best for ya!
Question: My husband is the only one who has been working consistently for over 2 years and 2 years at his current job. I have been in school and just completed my program. If we apply and try for a USDA or FHA with just his income. 32,000 before taxes, then i start working somewhere after, does that affect the loan going through, or should i apply for a job first before the loan, but then we may not get qualified for usda?
As long as you start work in the same job category as you were in school for the Time you were in school gets backlogged. Why wouldn't you qualify for USDA after 32k+? We qualify at 66k+.
It would not. If you are wanting to build you would need a construction loan. The closest you could get with this, is buy a completed new construction home.
Looking to build my first home on my property that I purchased a couple years ago; I’m just not sure if now is a good time to do so with the current interest rates. Thanks for your quick response. 🙏🏼
So for other down payment assist programs my income level is too high , but with this one , if you are a nurse but your income is too high for others can you still qualify for this one ?
@@NicoleNark thank you! I'm interested in purchasing a home by the beginning of next year. Who can I speak with in your team? You give FANTASTIC information but I have a TON of questions!
@@lovejoy31 I appreciate that! My team is ready to help. 🙌🏻 When you are ready to get some of those questions answered, schedule a call time using the link in the description! You’ll be matched one with someone based on scheduling but then they will be YOUR person throughout the process! 😊
If me and my husband are going to be on the loan, is it possible for me just to apply for the down payment assistance since he don't qualify for it or only one person can be on the loan to qualify for this program?
In most cases, you can apply either together or individually. However the loan & down payment assistance applications would need to match. Ex - if one person applies, than that one person is the only one on the loan and down payment assistance. If you apply together, you would both need to meet the requirements for the loan and assistance
In most cases, you can apply either together or individually. However the loan & down payment assistance applications would need to match. Ex - if one person applies, than that one person is the only one on the loan and down payment assistance. If you apply together, you would both need to meet the requirements for the loan and assistance
Hi , so our income as a family is 100% of median income in our area but we wanna buy our second home as a primary home and rent the first one , can we be qualifie for this program?!
Correct! This isn't a loan that could be used for construction. If you want to hire a builder and have a custom home built you would need to look into other options! Hope that helps 😊
This video is a commercial. It only talks about one dpa program she's pushing as opposed to a variety of programs. She didn't even talk about what the catch is, is it forgivable, etc.
Hi Rick! You are right, this video does only discuss one specific down payment assistance program. That is why it is titled, "New Down Payment Assistance (singular) for First Time Home Buyers." If you are looking for a video on a variety of programs, I suggest checking out my video, "7 First Time Home Buyer Grants For 2023" or the playlist I have covering Down Payment Assistance Programs! At approximately the 0:07s mark, I state that this assistance does not have to be paid back. If you made it to 1:29, you would hear me talk about the "catch" as you refer to it which is a higher interest rate. To which I also mention that this program would allow you to streamline refinance in 6 months! I hope that clears up any confusion! Have a great day 😊
what happens is you get a higher rate to compensate for the money. However, after you make 6 payments you can refinance using the FHA streamline program.
![🎤 ไปกันต่อออ! จับฉลากร้องเพลง x P’ #XXSIVK [EP.2] (1/2) เพลงของใครจึ้งสุดน้าา 💓🎤 #MXFRUIT](http://i.ytimg.com/vi/mLI_K0sAS4o/mqdefault.jpg)
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
There are advisors in cities around you but I needed services of one who can guide me irrespective of location. Catherine Morrison Evans comes highly recommended especially in times like this. I am hedging and haven't lost much to the recession. I found her in 2020 when the market was at an all time low. Look her up and thank me later.
I was literally searching for down payment assistance programs on my computer when I got the notification just now this video was posted. Incredible coincidence.
Oh my goodness! I love that! 😅
Nicole, do you work with buyers in Nebraska? If not, do you know who I could contact?
Hello Nicole can you send me your website so I can summit a loan application.
LOVE IT. You are amazing Nicole.
Thanks for the support Dan! 😊
Very informative. Thank you.
Thanks for watching! Happy to provide the info 😊
Thank you for sharing! This is the first forgivable grant I've now come across. Seems like my state really only offers DPA loans. :(
That’s great that you don’t have to pay it back. You receive 2% or 3.5% of your purchase price In assistance is definitely great. And you only have to meet one requirement to qualify.
It’s a great program!
Thanks for this video! Assuming that is not available for multifamily house?
You can use this on up to a 2-unit property as long as you make it your primary residence! So if you wanted to buy a duplex and plan on living in one unit, that works!
I have a question: is it possible for a person to get a federal first time home buyer down payment grant; and also get a state/County first time home buyer grant? Are there any rules preventing this?
Thanks for the info! Would this mean we would have to pay PMI?
That is correct. Since this down payment assistance is used with an FHA loan, PMI would be on for the life of the loan until you refinance into something else.
Can this be combined with the CalHFA forgivable loan program?
What’s the name of the DPA program?
Great content! I have a question. Can you use more than one down payment assistance program to purchase a home?
Depending on the programs’ requirements/regulations, it is possible to stack DPA
Good information! I love your videos. Do you know a realtor in Milton Florida where I can contact to buy a house there?
Can you do a video on down payment grants for land loans?
yes im wondering the same!
@@ranchgirl00 not advice. But I was told by a mortgage specialist that buying land is treated as an investment so things like first time home buying grants don't qualify.
What’s the name of this loan or downpayment Assistance program?
Hi Nicole. Your info is really good! I would like to buy multi family property. What options do you know of? I don’t have a great income but I have great credit.
I talked to a lender today that specializes in fha and renovation loans and they do not allow combining with the empower down payment assistance program. How do I find a lender who will do this? My internet search hasn't yielded any leads.
What's the link to down payment assistance?
Hi Nicole- you are a great resource and know your stuff. Im a MLO in Massachusetts- just getting back into the industry again soon. Do you offer affiliates in other states when questions or help come up from those states? You said you can contact some of your mortgage consultants in the video. I would like to be one of your mortgage affiliates in Massachusetts if at all possible. We can talk offline if at all possible. Thank u and i hope to hear from you. Jerry
What about usda loan
Are you licensed in TN?
Of course Im in Washington 😂 trying to move out of here and can't quit figure out where to start.
Can this be combined with the first time home buyer fha loan program?
Yes this is combined with an FHA loan!
Can it be used for quadplex
Interested
You can refinance after 6 months, but won’t it cost additional funds to refinance? Refinancing can be costly. Especially in this economy.
A typical refinance can be costly, but with this program, you are eligible for a streamline refinance which is different. With the streamline refinance, there are less documents involved, no appraisal and it’s much cheaper!
What a GREAT question. Big THANK YOU to you Nicole for answering. Just awesome content. I appreciate it.
@@RuthFloyd-nf3geyes!! I agree
Most lenders are waiving the fees for the refinance due to the high interest. Just got an offer accepted today and when rates drop (whenever that is) they will waive all fees.
Name of this new program? When is it available?
after reaching 20% equity, can i refi to a conventional? to drop the PMI
Always.
on a first time buyer program do you have to pay on the second mortgage once you pay off the first mortgage
Can you rent the other side of the duplex with a usda fha??
Does your company cover all states ?
How long will the program go on for? Is it for a limited time?
There is not a limitation set as of right now
Do you offer assistance for those that want to purchase but don’t know where they are and would like to know where and how to begin the construction process on land to have a ranch on ?
I live in Oxford, Michigan. A single mother. Low income workers. How do I go from here?
Talk to lenders around your area. Have a list of questions and interview all of them to see what you can get pre-approved for. I’m in Lansing Michigan and doing this right now! Wishing the best for ya!
Is this still available??
Does this assistance happen to work with construction loans too?
Question: My husband is the only one who has been working consistently for over 2 years and 2 years at his current job. I have been in school and just completed my program. If we apply and try for a USDA or FHA with just his income. 32,000 before taxes, then i start working somewhere after, does that affect the loan going through, or should i apply for a job first before the loan, but then we may not get qualified for usda?
As long as you start work in the same job category as you were in school for the Time you were in school gets backlogged. Why wouldn't you qualify for USDA after 32k+? We qualify at 66k+.
Love this!!! Can you help us? We’re in New Hampshire :)
Absolutely! Book your pre-approval call with the link in the description 😊
You've really slimed down... Great work!
Do this also apply to first time home building?
It would not. If you are wanting to build you would need a construction loan. The closest you could get with this, is buy a completed new construction home.
Looking to build my first home on my property that I purchased a couple years ago; I’m just not sure if now is a good time to do so with the current interest rates. Thanks for your quick response. 🙏🏼
Can an LLC apply for this type of loan?
No
Washington state Dont get it? Or Washington dc
The only place this can not be used is Washington State
I dont see a phone number to call
No
So for other down payment assist programs my income level is too high , but with this one , if you are a nurse but your income is too high for others can you still qualify for this one ?
I think you would have a good shot for this one!
Washington state or DC?
Washington State! Good question 😊
@@NicoleNark too bad, any reason?
For the requirements with a duplex, how long do you need to occupy the residence with the requirements of the loan? 1yr? 5yrs? More?
You need to occupy as your primary residence for 1 year!
@@NicoleNark thank you! I'm interested in purchasing a home by the beginning of next year. Who can I speak with in your team? You give FANTASTIC information but I have a TON of questions!
@@lovejoy31 I appreciate that! My team is ready to help. 🙌🏻 When you are ready to get some of those questions answered, schedule a call time using the link in the description! You’ll be matched one with someone based on scheduling but then they will be YOUR person throughout the process! 😊
@@NicoleNark Wonderful! I'll be contacting someone in MAY!
Washington state or Washington DC won’t qualify?
Washington State! Thank you for asking 😊
Washington STATE
Someone from WA: Never mind. 😢
I wish it was different!
If me and my husband are going to be on the loan, is it possible for me just to apply for the down payment assistance since he don't qualify for it or only one person can be on the loan to qualify for this program?
In most cases, you can apply either together or individually. However the loan & down payment assistance applications would need to match. Ex - if one person applies, than that one person is the only one on the loan and down payment assistance. If you apply together, you would both need to meet the requirements for the loan and assistance
In most cases, you can apply either together or individually. However the loan & down payment assistance applications would need to match. Ex - if one person applies, than that one person is the only one on the loan and down payment assistance. If you apply together, you would both need to meet the requirements for the loan and assistance
@@NicoleNarkI’d love to work with someone to see what we can do.
So no triplexes or quads?
Correct. Single family up to 2 unit max!
@@NicoleNark thanks!
Hi , so our income as a family is 100% of median income in our area but we wanna buy our second home as a primary home and rent the first one , can we be qualifie for this program?!
What about a new build?
You can use this to purchase a new build from a builder once the home is complete!
@@NicoleNark so I couldn’t use this to have a home built, right? Maybe “new build” wasn’t the right term.
Correct! This isn't a loan that could be used for construction. If you want to hire a builder and have a custom home built you would need to look into other options! Hope that helps 😊
@@NicoleNark yes! Thank you. So grateful for how clear and positive you are.
@@carasomebody6477 you are so sweet! I appreciate you being here 💕
This video is a commercial.
It only talks about one dpa program she's pushing as opposed to a variety of programs.
She didn't even talk about what the catch is, is it forgivable, etc.
Hi Rick! You are right, this video does only discuss one specific down payment assistance program. That is why it is titled, "New Down Payment Assistance (singular) for First Time Home Buyers." If you are looking for a video on a variety of programs, I suggest checking out my video, "7 First Time Home Buyer Grants For 2023" or the playlist I have covering Down Payment Assistance Programs!
At approximately the 0:07s mark, I state that this assistance does not have to be paid back. If you made it to 1:29, you would hear me talk about the "catch" as you refer to it which is a higher interest rate. To which I also mention that this program would allow you to streamline refinance in 6 months! I hope that clears up any confusion! Have a great day 😊
Hi Nicole. What’s the name of this new DPA?
I don't think this program is still viable.
Hi! Nicole what is your phone # i’m interested to buy a home
There is no such thing as a free lunch.
what happens is you get a higher rate to compensate for the money. However, after you make 6 payments you can refinance using the FHA streamline program.
People ,if you need down payment assistance you are NOT ready to buy a house .
This isn’t true
Yes it is
This is hard🫤